Arrow Financial Corp Sells 70,224 Shares of Arrow Financial Co. (NASDAQ:AROW)

Arrow Financial Corp lessened its stake in Arrow Financial Co. (NASDAQ:AROW - Free Report) by 3.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,899,569 shares of the financial services provider's stock after selling 70,224 shares during the period. Arrow Financial accounts for approximately 5.2% of Arrow Financial Corp's portfolio, making the stock its 3rd largest position. Arrow Financial Corp owned approximately 11.35% of Arrow Financial worth $54,537,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in Arrow Financial during the fourth quarter worth $1,072,000. American Century Companies Inc. raised its position in shares of Arrow Financial by 4.3% during the 4th quarter. American Century Companies Inc. now owns 304,964 shares of the financial services provider's stock worth $8,756,000 after purchasing an additional 12,581 shares during the last quarter. Citizens Financial Group Inc. RI purchased a new stake in shares of Arrow Financial in the fourth quarter valued at $319,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Arrow Financial by 42.7% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 78,548 shares of the financial services provider's stock worth $2,255,000 after purchasing an additional 23,498 shares during the last quarter. Finally, Barclays PLC grew its stake in Arrow Financial by 251.9% in the 3rd quarter. Barclays PLC now owns 21,411 shares of the financial services provider's stock worth $614,000 after acquiring an additional 15,327 shares during the period. Hedge funds and other institutional investors own 46.71% of the company's stock.

Arrow Financial Stock Performance

Shares of Arrow Financial stock traded up $0.95 on Friday, reaching $25.35. 52,051 shares of the company were exchanged, compared to its average volume of 42,496. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $422.61 million, a price-to-earnings ratio of 14.32 and a beta of 0.78. Arrow Financial Co. has a 1-year low of $22.72 and a 1-year high of $34.63. The company's 50-day moving average is $25.45 and its two-hundred day moving average is $27.96.

Arrow Financial (NASDAQ:AROW - Get Free Report) last announced its earnings results on Thursday, May 1st. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.06). Arrow Financial had a net margin of 13.32% and a return on equity of 8.59%. The company had revenue of $50.37 million during the quarter, compared to the consensus estimate of $39.26 million. As a group, research analysts expect that Arrow Financial Co. will post 2.65 earnings per share for the current fiscal year.

Arrow Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date of this dividend is Tuesday, May 13th. Arrow Financial's dividend payout ratio is presently 65.88%.

Insider Buying and Selling

In other news, Director Raymond F. O'conor sold 2,000 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $26.90, for a total value of $53,800.00. Following the transaction, the director now directly owns 33,022 shares of the company's stock, valued at approximately $888,291.80. This represents a 5.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders sold 8,000 shares of company stock valued at $203,800. Company insiders own 3.55% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on AROW. StockNews.com upgraded shares of Arrow Financial from a "sell" rating to a "hold" rating in a report on Friday. Piper Sandler decreased their price target on Arrow Financial from $32.00 to $30.00 and set a "neutral" rating for the company in a report on Tuesday, February 4th.

About Arrow Financial

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.